Bankruptcy Could Save Simpson

The next stop on O.J. Simpson's tour of the legal system, after his appeal, could be the safe harbor of bankruptcy laws, as he tries to find a way to pay off the families of the two victims.

As at other points on Simpson's legal road map, from his arrest to his criminal trial and child-custody hearing, his experience with debtor laws seems likely to cast a harsh light on another shadowy corner of the legal system: how much a wealthy person can keep from his creditors.

The jury determined on Tuesday that Simpson was financially liable in the deaths of Nicole Brown Simpson and Ronald Goldman, and awarded $8.5 million to Goldman's parents to compensate them for loss of companionship. It will begin hearing arguments this week to determine punitive damages.

Collecting the awards, however, could be difficult, legal specialists said.

"The simple fact is that in the U.S. people who are well advised and have lots of assets can keep them out of the reach of creditors with impunity," said Elizabeth Warren, a Harvard Law School professor and a scholar on bankruptcy laws. "That's a shocking fact."

Whether or not Simpson seeks bankruptcy protection, his pensions from the National Football League and the Screen Actors Guild will be untouched, and Simpson is free to borrow from both to pay expenses.